On Friday, the major crypto tokens were back in action, however, Bitcoin underperformed. During the early hours, however, the largest cryptocurrency was able to maintain its gains. Investors continued to process the Federal Reserve’s new hawkish stance, as well as the continuous whirlwind of economic events triggered by Russia’s invasion of Ukraine.
All major cryptos were up in the early hours, with the exception of the USD Coin, a US dollar-pegged stable coin. Solana and Avalanche both increased by 7%, while Dogecoin and BNB both increased by 4%.
The worldwide cryptocurrency market capitalization has shrunk to $2.02 trillion, up more than 2% in the previous 24 hours. Total cryptocurrency trade volume, on the other hand, fell by as much as 32% to $82.83 billion.
The introduction of India’s first digital currency, which will have a variety of repercussions for the economy and monetary policy, requires a sophisticated and calibrated approach, according to Reserve Bank deputy governor T Rabi Sankar.
According to the finance minister’s announcement in the Union Budget 2022-23, the RBI plans to launch a digital currency based on blockchain technology in 2022-23. Cryptocurrency exchanges are attempting to attract huge institutional investors on the one hand, while also encouraging college students to investigate blockchain opportunities on the other, in order to offset the sharp decline in daily trading volumes following India’s introduction of a crypto tax.
In the last 24 hours, Bitcoin and Ethereum have remained unchanged. According to Edul Patel, CEO and Co-founder of Mudrex, BTC and ETH have gained tiny sums as investors analyse the US Federal Reserve’s harsh views.